United Overseas Bank Limited · SGX:U11
United Overseas Bank — Debt Investor Presentation (September 2026)
67 slides from United Overseas Bank's debt investor presentation, September 2026
Slide 1: UOB Group: Resilient performance amid macroeconomic headwinds
UOB Group Resilient performance amid macroeconomic headwinds September 2026 Disclaimer: The mater ial in this presentation contains gener al background information about United Overseas Bank Lim ited (“UOB”) and its act ivit ies as at the d ate of the pre sentat ion. The informat ion is g iven in su
Slide 2: Agenda
Agenda 1 Overview of UOB Group 2 Asset Quality Update 3 Resilience of the Singapore Housing Market & UOB’s Cover Pool 4 UOB’s Funding Profile Appendices A Macroeconomic Outlook B Growth Drivers and Strategic Priorities C Sustainability and AI Initiatives D Financial Performance 2
Slide 3: 1. Overview of UOB Group
1. Overview of UOB Group 3
Slide 4: UOB Overview
UOB Overview Founding Key Statistics for 1H26 Founded in August 1935 by a group of Chinese ■ Gross loans : SGD361b (USD279b1) businessmen and Datuk Wee Kheng Chiang, ■ Customer deposits : SGD437b (USD338b1) grandfather of the present UOB Group CEO, Mr. ■ Loan / Deposit ratio : 81.7% Wee Ee Cheong. ■
Slide 5: Comparison against peers
Comparison against peers Standalone Cost Returns Liquidity Strength Management Moody’s baseline Costs/income Return on average Loan/deposit Moody’s S&P Fitch credit assessment ratio assets (annualised) ratio Aa1 AA– AA– UOB a1 45% 1.0% 82% Aa1 AA– AA– OCBC a1 39% 1.4% 78% Aa1 AA– AA– DBS a1 39% 1.3%
Slide 6: Capital and leverage ratios
Capital and leverage ratios Reported Common Equity Tier 1 CAR 16.6% 15.7% 15.4% Fully-loaded 15.0% 14.9% 14.3% 14.2% 14.1% 14.6% 14.0% 14.0% 13.5% 12.8% 12.5% 12.0% 11.7% 1 1 1 2 2 Return on DBS OCBC UOB MBB TD SCB HSBC CIMB RBC Citi BOA CBA NAB Average Equity (annualised) 17.5% 13.7% 11.6% 11.6% 14
Slide 7: A leading Singapore bank; Established franchise in core market segments
A leading Singapore bank; Established franchise in core market segments Group Retail Group Wholesale Banking Global Markets ▪ Best Retail Bank in Singapore ▪ Leading wholesale bank with ▪ Deep capabilities across ▪ Strong franchise across wealth, regional connectivity treasury, hedging and investmen
Slide 8: Proven track record of execution
Proven track record of execution ▪ UOB Group’s management has a proven track record in steering the Group through various global events and crises ▪ Stability of management team ensures consistent execution of strategies ▪ Disciplined management style which underpins the Group’s overall resilience a
Slide 9: Comprehensive regional banking franchise
Comprehensive regional banking franchise Extensive Regional Footprint 1H26 performance by segment Myanmar Greater China1 Group Income 1 branch 20 branches Retail SGD204b2 Assets under Thailand 139 branches Vietnam 5 branches SGD2.6b management +7% YoY Malaysia Philippines 29% of Group’s 55 branches
Slide 10: Diversified customer loan book
Diversified customer loan book By Industry By Geography ($b) +5% +2% 6% 5% 343 351 352 354 361 Rest of the world 51 53 53 52 55 24% 25% Greater China 48 48 45 49 49 74 75 77 77 78 ASEAN-4 $361b Jun-26 Singapore 170 175 177 176 180 8% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 9% Note: Loans are classified b
Slide 11: 2. Asset Quality Update
2. Asset Quality Update 11
Slide 12: NPL ratio at 1.6% with new NPA formation reflecting one real estate account downgrade
NPL ratio at 1.6% with new NPA formation reflecting the downgrade of one closely monitored real estate account 1.6 1.6 1.5 1.5 1.6 NPL ratio (%) Non-Performing 5,809 5,750 Assets 5,386 5,440 5,276 914 437 ($m) Rest of the world 736 739 461 Greater China 1,330 1,509 2,335 1,498 1,730 ASEAN-4 2,441 2,
Slide 13: Provision coverage remained adequate with higher unsecured NPA coverage
Provision coverage remained adequate with higher unsecured NPA coverage 30 30 Specific allowance/NPA (%) 24 26 23 General allowance on loans include 0.8 1.0 1.0 1.0 0.9 RLAR/Performing loans (%) 5,787 379 5,268 5,251 5,056 4,765 379 379 379 RLAR ($m) 379 3,664 General allowance ($m) 2,776 3,557 3,50
Slide 14: Actively derisking exposure to real estate hot spots
Actively derisking exposure to real estate hot spots Higher risk exposures remain contained and actively managed Greater China United States REH-NPL Average REH-NPL Average REH - Special REH1 LTV2 REH - Special Mention3 Mention3 0.3% 0.04% REH LTV 1.1% 0.5% <50% <70% Greater China & United States S$
Slide 15: Exposure to United States
Exposure to United States 4.7 4.8 4.6 General allowance on 2.2 1.0 loans/Performing loans (%) 17 17 17 15 14 Customer Loans ($b) Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 NPL ratio (%) 4.2 4.0 3.0 1.5 1.2 NPA coverage (%) 67 69 106 233 269 Unsecured NPA coverage (%) 129 147 235 978 1,243 Note: Classificati
Slide 16: Exposure to Greater China
Exposure to Greater China 2.3 2.1 1.9 1.8 1.6 General allowance on loans/Performing loans (%) 48 48 49 49 45 Customer Loans ($b) Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 NPL ratio (%) 2.7 3.1 3.3 3.5 4.8 NPA coverage (%) 57 78 60 57 42 Unsecured NPA coverage (%) 228 299 259 272 323 Note: Classification is
Slide 17: 3. Resilience of the Singapore Housing Market & UOB's Cover Pool
3. Resilience of the Singapore Housing Market & UOB’s Cover Pool 17
Slide 18: Singapore mortgages remain a low-risk asset class
Singapore mortgages remain a low-risk asset class Low risk of housing bubbles due to cooling measures High national savings rate (% of GDP) (3Q15 = 100) US ,189 AU ,171 SG, 41 CA ,167 HK, 31 SG,153 CA, 23 HK,110 AU, 22 US, 18 2Q15 3Q17 4Q18 1Q20 2Q21 3Q22 4Q23 1Q25 2Q26 2021 2022 2023 2024 2025 2026
Slide 19: USD15,000,000,000 Global Covered Bond Programme
USD15,000,000,000 Global Covered Bond Programme Issuer United Overseas Bank Limited Issuer Long Term Rating Aa1 (stable) / AA- (stable) / AA- (stable) (Moody’s / S&P / Fitch) Issuer Short Term Rating P-1 / A-1+ / F1+ (Moody’s / S&P / Fitch) Programme Limit USD15,000,000,000 LCR Status / ECB Repo Eli
Slide 20: Covered Bond Structure
Covered Bond Structure Notwithstanding that CPF’s consent is required for the transfer or assignment of mortgages relating to CPF Loans, no such consent is required for a declaration of trust over mortgages relating to CPF Loans. The Seller is acting as the Assets Trustee and the CPF Loans are held
Slide 21: UOB's Cover Pool Profile
UOB’s Cover Pool Profile Overview of Cover Pool (as of Jul’26) Current Loan Balances Mainly <SGD1m Number of Mortgage Accounts 25,971 6% 6% 6% 6% 6% 7% 7% 7% 7% 4% 4% 4% 4% 4% 4% 4% 4% 4% Total Current Balance (SGD) 17.0 billion 7% 7% 7% 7% 7% 8% 8% 8% 8% SGD’000 17% 17% 17% 17% 16% > 2,500 Average
Slide 22: Cover Pool Has Been Stable
Cover Pool Has Been Stable Primarily Condominiums and Apartment Diversified Geographical Distribution 5% 5% 5% 5% 5% 5% 5% 5% 5% 11% 11% 11% 11% 11% 11% 11% 11% 11% 6% 6% 6% 6% 6% 6% 6% 6% 6% 5% 5% 5% 5% 5% 5% 5% 5% 5% 14% 15% 15% 14% 14% 14% 14% 2% 3% 3% 3% 3% 2% 2% 2% 2% 15% 15% 18% 18% 18% 18% Ot
Slide 23: Cover Pool Has Been Stable (Cont'd)
Cover Pool Has Been Stable (Cont’d) Majority Owner Occupied Loans Mainly for Purchases 20% 20% 21% 21% 21% 21% 21% 21% 22% Refinance 28% Investment Purchase 80% 79% 79% 79% 78% 79% 79% 78% 78% Owner Occupied 72% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Jul'26 Well Seasoned Portfolio (
Slide 24: 4. UOB's Funding Profile
4. UOB’s Funding Profile 24
Slide 25: Strong investment grade credit ratings; regular issuer in key debt capital markets
Strong investment grade credit ratings A regular issuer in key debt capital markets globally Aa1 / P-1 AA– / A-1+ AA– / F1+ CNY Add Tier 1 (Baa1; BBB-; BBB+)1 SGD 8% 11% Debt Class AUD Covered Currency 11% 27% Tier 2 (Aaa; 33% 10% AAA, (A2; S$24b NR)1 BBB+; S$24b 16% equivalent A)1 equivalent EUR 20
Slide 26: Appendix A. Macroeconomic Outlook
Appendix A. Macroeconomic Outlook 26
Slide 27: ASEAN: Slower growth in 2026, Middle East conflicts weigh
ASEAN: Slower growth in 2026, Middle East conflicts weigh Supply chain shifts, intra-regional trade, infrastructure and policy support to anchor medium-term outlook ASEAN's contribution towards US and China’s total trade has risen 2025 GDP growth % share of US exports and imports % share of China’s
Slide 28: Global central banks navigate inflation risks
Global central banks navigate inflation risks 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26F 4Q26F 1Q27F 2Q27F US 10-Year Treasury 4.57 4.21 4.23 4.15 4.12 4.32 4.47 4.80 4.85 4.85 4.80 US Fed Funds 4.50 4.50 4.50 4.25 3.75 3.75 3.75 3.75 3.75 3.75 3.50 SG 3M SORA 3.07 2.56 2.06 1.46 1.19 1.07 1.08 1.20 1
Slide 29: Macro resilience across key Southeast Asian markets
Macro resilience across key Southeast Asian markets Significantly Higher Foreign Reserves (USD billion) Improved Current Account Balances (% of GDP) 426 279 15.6 16.7 146 133 75 30 24 26 1.6 3.1 Singapore Thailand Indonesia Malaysia –2.0 –1.5 –0.1 –5.4 Singapore Malaysia Thailand Indonesia Dec 1998
Slide 30: Capital adequacy rules across the region
Capital adequacy rules across the region BCBS Singapore Malaysia Thailand Indonesia Minimum CET1 CAR 4.5% 6.5%1 4.5% 4.5% 4.5% Minimum Tier 1 CAR 6.0% 8.0%1 6.0% 6.0% 6.0% Minimum Total CAR 8.0% 10.0%1 8.0% 8.5% 8.0% Capital Conservation Buffer 2.5% 2.5% 2.5% 2.5% 2.5% Countercyclical Buffer 2 n/a 0
Slide 31: Appendix B. Growth Drivers and Strategic Priorities
Appendix B. Growth Drivers and Strategic Priorities 31
Slide 32: Group Retail: Leading ASEAN retail bank with a unique and strong brand positioning
Group Retail: Leading ASEAN retail bank with a unique and strong brand positioning Strong ASEAN Franchise Leading position in Cards & Unsecured >8m customers >S$5b income #1 S$60b ~20% ~S$200b AUM Card issued in ASEAN FY25 Card Billings Market Share1 >S$60b consumer spend Growing card engagement Con
Slide 33: Group Retail: Substantial untapped potential and the ingredients to unlock it
Group Retail: Substantial untapped potential and the ingredients to unlock it Tailored • ` value provisions to unlock franchise opportunities What we do best: CIO led Advisory Value proposition • One Bank Approach Private • Tailored Product #1 30% 12/14 SME & Solutions AUM Increase investments calls
Slide 34: Group Retail: Results are encouraging and we are pushing ahead to build scale
Group Retail: Results are encouraging and we are pushing ahead to build scale Wealth momentum is established Four pillars to deliver and scale Group wealth income ASEAN-4 wealth income +30% People Advisory Products Platform YoY +20% CAGR Franchise AI Led & Investment Digital Growth Personalised Fina
Slide 35: Wholesale Bank: Driving returns through a more capital-efficient business mix
Wholesale Bank: Driving returns through a more capital-efficient business mix Delivering on our strategic priorities Improving asset velocity and deepening client relationships ASEAN-4 income contribution Transaction banking income Total gross loans1 Total deposits1 (% of GWB income) +3% CAGR 19% 27
Slide 36: Wholesale Bank: Differentiated ASEAN franchise driving deeper client connectivity
Wholesale Bank: Differentiated ASEAN franchise driving deeper client connectivity Leveraging our strong ASEAN Connecting clients across ASEAN to capture trade, cash and payment flows footprint Anchor & Spoke ecosystem Capture trade flows Grow operating deposits Drive digital transactions Combined GD
Slide 37: Wholesale Bank: ASEAN FDI advisory
Wholesale Bank: ASEAN FDI advisory Allianz Group – UOB Shareholding Snapshot ASEAN FDI1 inflows more than doubled over the decade UOB’s regional footprint is well-aligned with FDI flows FDI flows to ASEAN countries (US$b) >2x Top FDI recipient markets in ASEAN (2025) (US$b) ASEAN 244 FDI flows Singa
Slide 38: Wholesale Bank and Global Markets strategic priorities
Wholesale Bank and Global Markets strategic priorities Lead ASEAN trade, deepen global connectivity and deliver sustainable, accretive returns Three Strategic Pillars Revenue uplift Cost optimisation Capital efficiency Grow and deepen relations Lower funding, operating & credit cost Improve returns
Slide 39: Appendix C. AI Initiatives and Sustainability
Appendix C. AI Initiatives and Sustainability 39
Slide 40: AI at UOB: Accelerating innovation
AI at UOB: Accelerating innovation Overview Real usage stats Copilot Agentic AI Transformation Transforming workflows through agentic AI use cases: Agentic AI AML/KYC, Credit, Servicing, RM Enablement and Collections and more >27k ~1.5 m > 30 Scaling Domain Intelligence active users prompts BYOB1 in
Slide 41: AI at UOB: Building business and application cases
AI at UOB: Building business and application cases #1: Private Bank Wealth Advisory #3: New-to-Bank Leads for FDI Advisory 4 pillars to scale CIO1-quality advisory to every client 1. Problem Institutionalise Hyper- FDIA could not continuously monitor every company advisory at personalise Seamless Pr
Slide 42: AI at UOB: Building an AI-ready workforce
AI at UOB: Building an AI-ready workforce Structured talent strategy Literacy Acceleration Acquisition Mobility Assurance Deep skilling and Building AI Fluency Attracting new AI talent Transitioning existing Ensuring qualified enabling faster enterprise-wide and building bench staff into AI roles co
Slide 43: UOB's responsible financing journey: pragmatic and progressive
UOB’s responsible financing journey: pragmatic and progressive Establishing Improving Strengthening 2015 – 2016 2017 – 2018 2019 – 2022 2023 – 2025 • Launched the Group • Enhanced ESG • Announced our net zero commitment. • Completed the design of a net zero Responsible Financing monitoring and Stren
Slide 44: UOB's climate scenario analysis journey
UOB’s climate scenario analysis journey Qualitative Transition Risk Transition Risk Scenario Physical Risk Pilot Analysis Improved Methodology Assessment Analysis Pilot 2019 2020 2021 2022-2025 • Completed qualitative • Partnered an • Conducted a pilot physical risk analysis • Developed an improved
Slide 45: Commitment to achieving net zero by 2050, with a focus on 6 priority sectors
In October 2022, we announced our commitment to achieving net zero by 2050, with a focus on 6 priority sectors Energy Built environment Net zero targets and commitments for six sectors We focused on two significant, high-emitting ecosystems, energy and built environment, spanning 6 sectors based on:
Slide 46: Progressing well on net zero targets, trending below reference pathways
We are progressing well on our net zero targets, and are trending below the reference pathways 46
Slide 47: Nature risks: low to medium portfolio risk
Nature risks: Our portfolio has low to medium risk, with ~20% estimated to have material impacts and/or dependencies on nature • Overall portfolio risk is low to medium based on direct sector scores • 5 sub-sectors with material impacts and/or dependencies on nature (~20% of exposure) • Agriculture,
Slide 48: Nature opportunities: sustainable finance portfolio focused on nature-climate nexus
Nature opportunities: ~60% of our sustainable finance portfolio is focused on the nature-climate nexus 48
Slide 49: Appendix D. Financial Performance
Appendix D. Financial Performance 49
Slide 50: Key Highlights This Quarter
Key Highlights This Quarter 2Q26 net profit at $1.5 billion, supported by strong wealth and trade momentum • Group Retail (GR) delivered steady performance, with 16% YoY growth in 1H26 wealth income (ASEAN-4: +30% YoY) alongside growth in CASA (+4% YoY) and credit card income (+13% YoY) • Group Whol
Slide 51: 1H26 net profit at $2.9 billion
1H26 net profit at $2.9 billion Resilient performance amid macroeconomic headwinds 1H26 1H25 YoY 2Q26 1Q26 QoQ 2Q25 YoY $m $m +/(-)% $m $m +/(-)% $m +/(-)% Net interest income 4,621 4,745 (3) 2,297 2,324 (1) 2,336 (2) Net fee income 1,302 1,330 (2) 665 637 4 636 5 Other non-interest income 1,094 1,0
Slide 52: 1H26 financial overview
1H26 financial overview Net Profit After Tax Movement, 1H26 vs 1H25 (SGD m) 124 28 47 57 155 40 54 1 1 2,828 2,915 +3% –3% –2% +4% +2% –27% +210% –8% 1H25 net Net interest Net fee and Other non- Operating Total Share of profit Tax, 1H26 net profit after tax income commission interest expenses allowa
Slide 53: 2Q26 financial overview
2Q26 financial overview Net Profit After Tax Movement, 2Q26 vs 1Q26 (SGD m) 170 106 27 28 8 13 32 1 1,437 +3% 1,478 –1% +4% +37% +7% +4% +59% +12% 1Q26 net Net interest Net fee and Other non- Operating Total Share of profit Tax, 2Q26 net profit after tax income commission interest expenses allowance
Slide 54: Group Retail
Group Retail Selected income statement data Highlights 1H26 1H25 YoY $m $m % • PBT edged lower on modest pickup in expenses and credit costs, while RoRWA Income 2,574 2,583 (0) held up compared with the prior year 1 Lending, Deposits 1,388 1,551 (10) • Stable income reflects diversified retail franc
Slide 55: Group Wholesale Banking
Group Wholesale Banking Selected income statement data 1H26 1H25 YoY Highlights $m $m % • PBT was lower, stemming from the impact of lower interest rates and keen Income 2,913 3,254 (10) competition for quality assets, while credit costs rose from a lower base Transaction Banking 1,358 1,596 (15) •
Slide 56: Global Markets
Global Markets Year-on-year growth supported by lower cost of funds and sustained momentum in customer flows and trading activities Total income ($m) +15% 1,242 1,081 658 -11% Treasury Non-Customer 530 658 623 584 526 474 319 364 293 247 214 Treasury Customer1 551 584 279 303 260 294 290 1H25 1H26 2
Slide 57: Net interest income declined on loan margin compression, cushioned by asset growth
Net interest income declined on loan margin compression, cushioned by asset growth 2.33 Loan Margin (%) 2.11 2.27 2.12 2.17 2.16 2.05 Net Interest Margin (%) 1.96 1.78 1.91 1.82 1.84 1.82 Interbank & Securities Margin (%) 1.74 1.16 1.14 1.16 1.16 1.14 1.14 1.14 -3% 4,745 4,621 NII from Interbank & S
Slide 58: Net interest margin declined on lower asset repricing and surplus funds deployment
Net interest margin declined on lower asset repricing and surplus funds deployment Loan Margin (%) 2.40 2.16 2.05 Interbank & Securities 1.14 1.14 Margin (%) Net Interest Margin (%) 1.82 -0.05 -0.01 1.74 -0.02 1Q26 Asset Funding Volume/Mix 2Q26 repricing cost SGD -0.04 | 3M SORA average -0.07 USD -0
Slide 59: Record wealth fees underpinned 2Q26 performance, while loan related fees softened
Record wealth fees underpinned 2Q26 performance, while loan related fees softened 0% 1,724 1,730 Others ($m) 172 193 Credit Card ($m) 565 572 +2% 892 873 829 847 857 96 95 82 100 98 Wealth ($m) 401 462 296 288 284 284 321 188 218 219 243 203 Loan / Trade Related ($m) 586 502 274 282 223 256 246 1H25
Slide 60: Disciplined cost growth alongside investments in talent, technology and strategic priorities
Disciplined cost growth alongside investments in talent, technology and strategic priorities 45.2 46.4 45.3 44.9 44.3 44.5 43.5 Cost-to-income Ratio (%) +2% 3,095 3,152 Other expenses1 ($m) 758 741 +7% IT-related expenses ($m) 512 575 1,629 1,535 1,535 1,528 1,523 388 397 426 424 353 295 259 280 290
Slide 61: 2Q26 total credit costs within expectation
2Q26 total credit costs within expectation 134 34 34 Total credit costs (bps) Specific credit costs (bps) 39 27 32 29 26 55 26 32 26 28 19 1,166 477 687 563 General allowance on loans ($m) 134 592 247 274 429 1 172 231 Specific allowance on loans ($m) 479 273 344 231 249 (59) (18) (115) (97) 1H25 1H
Slide 62: Healthy liquidity and funding positions supported by deposit growth
Healthy liquidity and funding positions supported by deposit growth 159 143 147 144 141 All-currency LCR (%) 118 116 116 115 114 Net Stable Fund Ratio (NSFR) (%) 83.7 82.5 81.7 81.9 81.7 Loan/Deposit Ratio (LDR) (%) 502 501 516 487 465 79 Wholesale Funding ($b) 1 67 76 75 60 FD & others ($b) 180 177
Slide 63: Robust capital position with CET1 ratio at 15.4% post dividend payout
Robust capital position with CET1 ratio at 15.4% post dividend payout 15.4 CET1 ratio (%) 15.3 15.1 15.3 14.6 CET1 ratio (%) – Fully Loaded 15.2 15.1 14.9 15.0 14.5 273 276 278 279 266 RWA ($b) Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Leverage ratio (%) 7.1 6.6 6.7 7.0 6.8 63
Slide 64: Delivering sustainable shareholder value through capital returns
Delivering sustainable shareholder value through capital returns Payout ratio1 (%) 50 50 50 50 Payout ratio including special 57 58 dividend1 (%) Share Buyback2 Dividend per ordinary share (¢) Returning $2 billion surplus capital to shareholders 205 Special 25 181 Shares Number of Programme 170 repu
Slide 65: Accelerating and advancing our wealth ambitions
Accelerating and advancing our wealth ambitions Strategic divestment Strategic partnership with Allianz Global Investors ▪ Purchase consideration Strengthens wealth management franchise of $555 million ▪ Expands UOB's investment solutions and open-architecture offerings ▪ Pre-tax gain of ~$330 milli
Slide 66: Why UOB?
Why UOB? Stable Integrated regional Strong Balance growth management platform fundamentals with stability • Proven track record • Truly regional bank • Strong Common Equity • More than half of Group’s in steering the bank with full ownership and Tier 1 capital adequacy earnings from home through var
Slide 67: Right By You
@ Right By You
United Overseas Bank — Debt Investor Presentation (September 2026) on 6ix